Saskatoon Real Estate Market Update:

December 2024 Insights and 2024 Trends

The Saskatoon real estate market continues to be one of the most dynamic in Canada. As a local Realtor, I’m here to break down the latest numbers, trends, and opportunities for buyers, sellers, and investors. Whether you're planning your next move or just staying informed, this blog will give you actionable insights into the market.

📈 Market Snapshot: December 2024

• Sales: 256 homes sold in December—a 12% increase year-over-year and 20% above the 10-year average.
• Inventory: Only 555 homes available, a 25% drop from December 2023 and nearly 50% below historical averages.
• Benchmark Price: $395,300, slightly down from November but still up 7% compared to December 2023.

These figures highlight a highly competitive market where demand continues to outstrip supply.

🌟 2024 Year in Review: Key Stats and Trends

Saskatoon saw 5,035 total home sales in 2024, making it the second-strongest year on record. Tight inventory and rising demand were the key drivers:

• Population Growth: Over 30,000 new residents moved to the province, fueling housing demand.
• Building Permits: A 61% increase in residential building permits, primarily for rentals, which haven’t alleviated the demand for homeownership.
• Appreciation: Homeowners saw their property values grow, with benchmark prices increasing 8% year-over-year.

🛠 What This Means for You

For Buyers

• Be Prepared: With inventory levels at record lows, competition is fierce. Work with a Realtor who can help you act quickly and strategically.
• Get Pre-Approved: In such a competitive market, having your financing ready is non-negotiable.
• Focus on Long-Term Gains: With property values appreciating, investing in Saskatoon real estate remains a smart decision.

For Sellers

• Leverage Equity: If you’ve owned your home for a few years, now is the perfect time to capitalize on significant equity gains.
• Market Smart: Showcase your home’s unique features to stand out in a crowded market.
• Price Strategically: Partner with a Realtor who knows how to set a price that maximizes your returns without scaring off potential buyers.

For Investors

• Think Rentals: With rising demand for rental properties, purpose-built rentals are a lucrative opportunity.
• Act Before Rates Rise: Locking in current rates can help you secure favorable financing.
• Seek Local Expertise: Partner with someone who understands Saskatoon’s neighborhoods and can guide you to high-yield opportunities.

🗣 Expert Insights

According to a recent report from the Saskatchewan REALTORS® Association, the combination of population growth and declining inventory is driving strong price gains across the province. “Saskatoon is a prime example of how limited supply can push prices upward, even in traditionally stable markets,” notes one market expert.

💡 Take Action: Your Next Move

Now is the time to act, whether you're buying, selling, or investing in Saskatoon real estate. The numbers tell a clear story—demand is high, and opportunities abound for those ready to take advantage of them.

👉 Looking to make your move? Let’s talk!
I’m Jack Bouvier, a dedicated Saskatoon Realtor, and I’d love to help you navigate this exciting market. Reach out at (306) 370-6179, or explore the resources on my website for more tips and insights.

Conclusion

The Saskatoon real estate market remains vibrant and full of opportunities. Whether you're a buyer, seller, or investor, understanding the latest trends is essential for success. Let me help you navigate your next move with confidence and clarity.